Financial Conduct Authority (FCA)
Fully Comp: One month on, how much clarity has the Supreme Court BI ruling actually brought?
For the twelfth episode of Post’s video series we gathered a group of experts together to consider the ruling in the Financial Conduct Authority business interruption test case.
UK Insurer Hot Seat 100: who has been at the top the longest?
Post has compiled a list of the 100 highest profile people working at the top for UK general insurers, Lloyd’s vehicles, international insurers with a UK presence, regulators, trade bodies and markets based on how long they have been in the hot seat.
Hiscox Action Group warns insurers may seek to ‘read down’ BI ruling
Insurers have responded to draft declarations regarding the Supreme Court’s January business interruption ruling, with the Hiscox Action Group flagging concerns that they may seek to “read down” the judgment.
Ex-FCA boss Chris Woolard joins EY
Former interim CEO of the Financial Conduct Authority Chris Woolard will join EY this April to lead its Europe, Middle East, India and Africa financial services regulatory capabilities and chair the EY global financial services regulatory network, the…
Blog: The business interruption imbalance – and the role of advice
Bruce Hepburn, CEO of Mactavish, argues that the business interruption fallout stems from an imbalance, and questions broker accountability over advice.
PI firms and insurers clash on direct pre-medical offers
Solicitors have called for more regulation around insurers contacting claimants that have legal representation with pre-medical offers, as law firms allege that claimants may be missing out on higher compensation awards.
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Biba unveils 'resilience' theme for 2021 manifesto
The British Insurance Brokers’ Association has launched its 2021 manifesto with the heading of ‘Resilience’ as it highlighted the ways it said brokers can help as the UK adapts to a post-pandemic normal after Brexit.
Penny Black's Social World: February 2021
Charity contributions, championing cricket and continuing challenges
Inside Out: I am a broker and a leaseholder – insurers and FCA must push for cladding crisis solution
Post invites industry insiders affected by key issues they believe insurance is getting ‘inside out’ to share their perspective and state their case for change. Here a broker talks about how leaseholders are getting a rough deal.
CMC fee caps: Are proposed tariffs too generous or will they drive a choice exodus?
Insurers have argued that proposed fee caps for claims management companies may be too generous, while the claims sector has cautioned measures could reduce choice and service quality.
Worsening outlook for UK non-life insurers, says Fitch
Fitch Ratings has a worsening outlook for the UK non-life company sector, Graham Coutts, senior director, head of EMEA reinsurance has confirmed with market combined ratios for motor and home likely to be above 100% in 2021.
LV’s Heather Smith on crucial brand value
As the industry responds to the Financial Conduct Authority’s pricing shake-up and tackles the ongoing challenges of the coronavirus pandemic Heather Smith, managing director of the LV General Insurance retail business, addresses why having a trusted…
FCA will use ‘full range’ of regulatory tools and powers to ensure insurers meet expectations after BI ruling
The Financial Conduct Authority has set out the next steps it expects insurers to take after the Supreme Court judgment on the Covid-19 business interruption claims test case last Friday.
FCA proposes to cap CMC fees saving consumers £9.6m a year
The Financial Conduct Authority has published proposals to cap the fees claims management companies can charge their customers.
Commission-hungry claims firms target Covid-hit businesses
Claims firms and no-win-no-fee solicitors have ramped up attempts to get businesses to make Covid-related claims with them following the Supreme Court business interruption ruling – but insurance experts are concerned that fees could be as much as 40% of…
Loss adjusters report 'significant' rise in BI claims volume
The number of business interruption claims being submitted after the Supreme Court judgment has increased significantly with more anticipated over the coming weeks, loss adjusting firms have told Post.
Frustrated policyholders call for insurers to ‘take responsibility’ after Supreme Court rules many are due payouts
Policyholders and their representatives have called for insurers to “take responsibility” and “immediately start paying claims” in the wake of a bittersweet Supreme Court judgment on disputed coronavirus-related business interruption policies.
Be Wiser’s David Russell on the FCA’s pricing review
David Russell, chief compliance officer at Be Wiser Insurance, was part of the Financial Services Authority team that brought in the Insurance Mediation Directive and statutory regulation of brokers. Here he looks at the implications of the Financial…
Insurers could face higher BI claims payouts as businesses look to Enterprise Act
Some business interruption policyholders are looking to claim damages under the Enterprise Act (2006) for late payouts, following the Supreme Court's verdict in the regulator's test case.
Price hikes predicted as Supreme Court overturns Orient Express in BI ruling
Insurers are expected to increase the cost of business interruption insurance after a crucial judgment was overturned in the Financial Conduct Authority's test case,
Briefing: BI ruling a self-made catastrophe for insurers
Insurers have been found hugely wanting by a business interruption judgment that is a victory for common sense. But the struggle is not over yet, for them or their customers.
Brokers unsurprised as court sides with BI policyholders in 'wake-up call' for insurers
The industry must address the expectation gap on the back of the Supreme Court business interruption ruling, brokers said as they forecast tougher times ahead for managing general agents.
Supreme Court ruling to have 'very significant' impact for years to come, says FCA lawyer
The Supreme Court’s ruling in favour of the Financial Conduct Authority on behalf of policyholders in the cases versus insurers over Covid-19 business interruption claims will have long-term ramifications for causation and trends clauses, according to…